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E. WHEREAS, the City Council has determined that the issuance of general obligation <br />capital improvement plan refunding bonds in the aggregate principal amount of up to $17,900,000 <br />is the best way to finance the capital improvements identified in the Plan. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, <br />Minnesota, that the City hereby adopts the Plan and authorizes the issuance of up to $17,900,000 <br />aggregate principal amount of general obligation capital improvement plan refunding bonds. <br />The motion for the adoption of the foregoing resolution was duly seconded by member <br />and, after full discussion thereof and upon a vote being taken thereon, the following <br />voted in favor thereof: <br />and the following voted against the same: <br />whereupon the resolution was declared duly passed and adopted. <br />[Bonds must be approved by at least a three -fifths vote of the membership.] <br />[Issuance of Bonds is subject to a 30-day reverse referendum after the public hearing.] <br />2 <br />4485232v1 <br />